The Coronavirus Aid, Relief and Economic Security (CARES) Act for Small Businesses

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Electronic Money Company is a small business, and all our clients are small businesses. So we thought we would share with you the information on how to take advantage of the government’s CARES ACT to help you cover payroll during this time of economic shutdown. In particular, here is information on how you can benefit from the Paycheck Protection Program. It provides 100% federally guaranteed loans to small businesses.

Included in the amount of the loan is payroll, utilities, rent or mortgage payments during an eight-week period. These loans may be forgiven if businesses maintain their payroll through June. The loan is available through banks. The program is designed to expedite the loan process so businesses can have fast access to money.

Eligibility

You are eligible if you are:

  • A small businesses with fewer than 500 employees
  • A small business that otherwise meets the Small Business Administration’s (SBA) size standard
  • A 501(C)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

Click here to review the Paycheck Protection Program in its entirety.

Together, we will get through this! We hope this information helps!

Sincerely,
Electronic Money Company